NEW YORK—Vornado Realty Trust, which has an administrative office in Paramus, N.J., has entered into an agreement to sell a parcel of land located at 1800 Park Ave. in New York City for $65 million plus additional amounts, which may be received for brownfield credits.

Located at 125th Street, the parcel is known as Harlem Park.

The sale of the land will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale is subject to closing conditions and is expected to be completed this quarter.